Starting Company In Singapore
Rules For Every Starting Company In Singapore
Starting Company In Singapore Benefits
As a global business hub, Singapore ensures that its commerce industry continues to flourish and attract local and international investors. One way of making this possible is to help every starting company in Singapore take flight. For entrepreneurs who wish to launch their business in the country, there are a few rules that they must follow before they can register their business.
Singapore offers businesses a stable political environment, modern infrastructures, open business policies, and strategic geographical location to help them run their company as efficiently as possible. And as the Southeast Asian nation uses English as the primary business language, this puts foreign investors on equal footing with local entrepreneurs. Companies also get to benefit from the country’s free trade agreements and double taxation avoidance agreement with over 50 other countries.
Guidelines For Every Starting Company In Singapore
The first step in registering a company in Singapore is to come up with a name for the business. Names that are similar or identical to other already registered businesses and those that are offensive and obscene must be avoided. To check the uniqueness of the business name, applicants may run a directory search on the Accounting and Corporate Regulatory Authority (ACRA) website. Applications may be submitted online at the BizFile website, www.bizfile.gov.sg.
Registrations will be completed within 15 minutes upon submission and payment unless they would need to be referred to other government agencies for approval or review. If this happens, it may take the registration 14 days to 2 months to be completed. Successful applications will be given their Unique Entity Number or UEN, which allows entrepreneurs to start running their business.
Each starting company in Singapore are required to provide a local Singapore address as their registered address. They need one director and one shareholder as their initial company officials. Within 6 months of incorporation, they must also appoint a natural person who is ordinarily a resident of Singapore as the company secretary.